As modern procurement organizations strive to become more trusted business partners, they require best practices that optimally engage suppliers throughout the lifecycle to reduce costs and supplier risk, support top line growth, and ensure regulatory and policy compliance. This is a very tall order considering the number of stakeholders and their differing objectives. CEOs want growth. CFOs want hard cost savings. Business units want both, along with return on investment. Corporate risk managers want risk reduction. Legal wants it in writing. Auditors want compliance. You get the idea.

Procurement must support all of these stakeholder requirements, while connecting the dots between the often siloed processes that exist in the source-to-pay process. Let’s even take the transactional procure-to-pay process off the table and hone in on strategic procurement, where we often see disconnected processes between sourcing (to reduce costs), supplier assessments (to ensure compliance), and contracting (to reduce risk).

New approaches, practices and tools exist to do more with less, thereby making better use of an organization’s time and resources. “Connecting the dots” is possible between all of these divergent processes, but how? Download this paper to find out!

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